Fetner Properties signs $88.46M construction loan with Wells Fargo for 171-unit project in Upper West Side
Fetner Properties through the entity 270 West 96th Street Housing Development Fund as borrower signed a new construction loan with lender Wells Fargo valued at $88.46 million for a 171-unit development site at 270 West 96th Street in Upper West Side, Manhattan.
The deal closed on December 16, 2021 and was recorded on January 10, 2022.
The signatory for Fetner Properties was Harold A. Fetner.
(121209502) Plans for a 171-unit, 124,591 square-foot R-2 were filed on March 16, 2021.
In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 40 percent of the 599,158 square feet of built space are residential elevator buildings, with specialty buildings next occupying 40 percent of the space.
Within a 400-foot radius of 270 West 96th Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on November 18, 2020 for a 232,290-square-foot R-2 building with 130 residential units at 2555 Broadway.
One of those four items was a sale which Fetner Properties and PGIM Real Estate bought the 3,750-square-foot, one-unit mixed-use building (K2) on 268 West 96th Street for $16.1 million from Salvation Army on January 3, 2022.
Of those four items, two were loans above $5 million totaling $221.5 million. The most recent of the two was Brack Capital Real Estate which borrowed $110.8 million from Acrefi Cs U, LLC secured by the 237,507-square-foot, one-unit industrial (N2) on 720 West End Avenue on March 12, 2021.
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